The Dangerous Inflation Facing America
Inflation, job market issues, and now the fallout from the Russian war threaten our economy. That, on top of our soaring national debt, makes this a crucial issue for our nation’s intercessors to tackle.
From Fox Business. Rising inflation is turning out to be more problematic for the U.S. economy and will likely dent growth this year and next, and leading economists say monetary policy blunders are partly to blame.
“They see a risk that inflation will remain higher than previously expected over the next three years, coming largely from the labor market. More than two-thirds of survey respondents cite rising wages as a risk factor,” said National Association of Business Economics President David Altig, executive vice president and director of research at the Federal Reserve Bank of Atlanta.
Inflation is sitting at record levels. Consumer prices in the U.S. surged by 7.5% in January, the most since 1982, while prices at the producer level jumped 9.7%, the highest level ever. And on wages, the tight labor market is forcing companies to pay more to keep and attract talent….
GDP forecasts were cut to 2.9% from 4Q 2021-2022 from 3.6%, in NABE’s latest survey and may end the year at 3.7%, while consumer prices are seen elevated at 5.3%. Elsewhere, the 10-year Treasury is seen rising to 2.3% with the Federal Funds rate inching up from near zero to 1.125%….
How are you praying about inflation in our country? Please share in the comments.
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